The Hash Ribbon indicator has detected the potential end of Bitcoin (BTC) miner capitulation, indicating a shift from negative to positive price momentum, as stated by expert analyst Ali Martinez. This change could create favorable opportunities for buyers.
The Hash Ribbon signal marking the conclusion of Bitcoin miner capitulation may signify a transition from negative to positive price momentum for $BTC. This could open up promising buying prospects!
The recent Hash Ribbon indicator, which tracks Bitcoin hash rate moving averages, has generated a buy signal. Historically, such signals have been reliable indicators of an impending price surge, typically occurring when miners start to regain their strength.
This particular signal has only appeared once in the past year and thrice in the last two years, each time resulting in bullish price movements. For example, a similar signal in August 2022 marked the end of a bear market and sparked a rally.
In the short term, Bitcoin has rebounded from the $63,000-$64,000 support level. A bullish confirmation could be confirmed with a daily close above $68,300. Resistance levels lie between $67,000 and $68,300, breaking through which could lead to new all-time highs of $72,000 – $74,000. However, short-term fluctuations and potential retracements should be anticipated.
The Hash Ribbon indicator, highlighted by technical analyst Ali Martinez, indicates a shift from negative to positive momentum for Bitcoin. A hidden bullish divergence has emerged, implying a continuation of the upward trend. Price movements may be influenced by critical liquidity levels around $63,300 and $67,500-$69,000.